Graziano entered as the defending champion and a 12-to-5 betting favorite. At the age of 26, he was considered a young boxer, while the 35-year-old Zale, known as “Iron Man,” was trying to become only the third boxer to regain the middleweight championship. Before the opening bell, Zale boldly predicted that he would knock out Graziano in the third round.
The fight was postponed one day due to rain but still drew a crowd of 21,497 which generated a live gate of $335,646. Organizers also collected $45,000 in radio rights and another $25,000 in motion picture rights after banning television from the event. Graziano received a guaranteed purse of $120,000, while Zale received $60,000. Veteran referee Paul Cavalier officiated the match.
Unlike the first two brutal battles, the decisive battle ended almost as quickly as it began.
Zale was quick to back up his prediction in the first round, landing a left hook to the jaw of Graziano that knocked out the three-time champion. Graziano recovered and fought hard, refusing to let the pair exchange heavy punches that signaled another classic slugfest to begin.
The pace increased significantly in the second. Zale hurt Graziano with a hard right hand, but the champion responded moments later with a powerful hand that briefly rocked the opponent. Neither one backed down, and the crowd watched another fiery clash between two fighters who had made a name for themselves with courage equal to their striking power.
Zale did well with his prediction in the third round.
Another crushing left hook sent Graziano to the canvas for a seven count. Although the champion was on his feet, he was still in danger. Zale wasted no time, driving a right hand to Graziano's body before whipping a left hook to the jaw.
The fist landed on the ground, knocking Graziano unconscious. Referee Paul Cavalier ended the count at 1:08 of the third round as Zale regained the middleweight title as he predicted.
This victory made Zale only the third fighter to regain the middleweight world title and completed an unforgettable boxing tournament. His second reign was short-lived, however, as Marcel Cerdan stopped him in 11 rounds three months later to take the title. Zale retired soon after with a record of 67-18-2 (45 KOs). Although he lost the title to Marcel Cerdan three months later, his victory over Graziano remains the final victory of his Hall of Fame career.
Graziano remained one of boxing's biggest draws after the loss, continuing to draw large crowds until he retired in 1952 with a record of 67-10-6 (52 KOs). Years later, he admitted that losing Zale made him sad, recalling the nightmares he had about their last meeting.
The first two battles became classics because of their long back-and-forth violence. The third was not quite the same game, but Zale's powerful strike erased any doubt as to who won the final stage of the contest.
